Insurance+Sector+Ppt

ContentsWhat is Insurance?EvolutionTypes of InsuranceInterviewCareersConclusion

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss.

Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium.

Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage

Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice

What is INSURANCE?

Evolution India

1818 - Oriental Life Insurance Company – 1st Insurance Company.

1870 - Bombay Mutual Life Assurance Society – 1st Life Insurance Company.

1912 - The Indian Life Assurance Companies Act enacted the 1st Law to Regulate the Life Insurance Business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life & non-life insurance businesses.

1938: Earlier legislation consolidated & amended the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian & foreign insurers & provident societies are taken over by the central government & nationalized.

LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The first General Insurance Company established in the year 1850 in Calcutta by the British.

Contd…..

•Aviva was the first foreign insurance company in India to set up its representative office in 1995.

•In India Aviva has a joint venture with Dabur.

•Aviva has 112 Branches in India.

•Aviva products are available in 392 towns & cities across India.

•Annual sales turnover is over Rs.12 billion.

AVIVA INDIA

•Aviva is the fifth-largest insurance group of the world & the biggest in the UK.

• They are among the leading providers of life & pensions products in Europe.

•Aviva has a 35 million-customer base worldwide and more than £332 billion of assets under management.

•The mission of Aviva is: “to provide prosperity and peace of mind for our customers”.

Aviva Life Insurance

Types of Insurance

Life insurance

Non - Life Insurance

(general insurance)

personal (eg. Insurance of person)

factory insurance( secures factory premises)

Marine (eg. Marine hull insurance)

burglars (eg.theft insurance

car & bike insurance( eg.insurance on vehicle)

Personal insurance Perosnal insurance covers the insurance of

an individualIf the person gets ingured ,sick,met with

accident then this insurance is usefulPersonal insurance is enjoyed by the person

on whom the insurance is covered

Factory InsuranceFactory insurance is for those who have their

own industryFactory insurance covers the each and every

thing included in factory for eg. Plant and machinery

Under factory insurance proprieter need to pay a monthly. quarterly or yearly premium of amount insured

Factory insurance is only enjoyed when there is accident in a factory for eg , short circuit , fire etc.

Provides value for money

Flexibility

Transparency.

Security to customer and its belonging

Good products to offer.

Growth of insurance sector

•Innovative Offers,

• Customer-Centric Products,

• Increasing Awareness Levels of Consumers

• Enhanced Service Standards,

• Reaching out to the customer through a number of distribution and communications channels

• Providing advice to the customer

Reasons for Growth

The 15 private players together saw their business grow 32 % to Rs 848 crore with a market share of 28.44 %.

Insurers Premium[Rs.Cr.]

ICICI Prudential 271.00

Bajaj Allianz 124.00

SBI Life 90.00

HDFC Standard 70.00

Max New York Life 69.00

Tata AIG 48.00

Aviva 39.00

Reliance Life 33.00

Birla Sunlife 28.00

Kotak Mahindra Old

Mutual 26.00

ING Vysya 22.00

Met Life 19.00

Shriram Life 4.50

Sahara Life 1.70

Bharti Axa Life 0.72

LIC PRIVATE PLAYERS

Growth – 21.87% Growth – 129%

Earned – Rs.197.86 billion[04-05]

Sold – 2.4 billion policies

Earned – Rs.55.57 billion[04-05]Against Rs.24.29 billion [03-04]

Market share – 87.04% 78.07% 75%

Market share – 13% 22% 24%

Insurance can be summed up as “Praying for the best …

…being PREPARED for the WROST”.

Conclusion

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